 "Madhucon Projects dips on stake sale plan in Agra-Jaipur road project")
Madhucon Projects has dipped 8% to Rs 34.70 on BSE on reports that the company has signed a term sheet with Tata Realty and Infrastructure Limited (TRIL) to divest 74% equity in the Madhucon Agra-Jaipur Expressways Limited (MAJEL) for about Rs 250 crore.
In a clarification to stock exchange, Madhucon Projects said, “the term sheet signed between Madhucon Infra Limited (subsidiary of Madhucon Projects Limited) and Madhucon Toll Highways Limited (subsidiary of Madhucon Infra Limited) on 22nd December, 2014 stipulate the gross consideration of the road project deal is around Rs 250 crore including NHAI grant of Rs 15 crore for acquisition of 100% equity stake in MAJEL. This is proposed to be in 2 trenches.”
This is only an indicative term sheet subject to due diligence and signing of definitive agreement and acceptance by the parties, it added.
The stock opened at Rs 37.70 and touched a low of Rs 34.15 on BSE. A combined 361,535 shares changed hands on the counter till 1344 hours on BSE and NSE.
In a clarification to stock exchange, Madhucon Projects said, “the term sheet signed between Madhucon Infra Limited (subsidiary of Madhucon Projects Limited) and Madhucon Toll Highways Limited (subsidiary of Madhucon Infra Limited) on 22nd December, 2014 stipulate the gross consideration of the road project deal is around Rs 250 crore including NHAI grant of Rs 15 crore for acquisition of 100% equity stake in MAJEL. This is proposed to be in 2 trenches.”
This is only an indicative term sheet subject to due diligence and signing of definitive agreement and acceptance by the parties, it added.
The stock opened at Rs 37.70 and touched a low of Rs 34.15 on BSE. A combined 361,535 shares changed hands on the counter till 1344 hours on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%